Stock Incentive Plan

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company has not issued any stock options under its stock incentive plans since 2004, and there were no outstanding options at December 31, 2015 and December 31, 2014.

Pursuant to the stock incentive plan, the Company may issue restricted stock units (RSUs) to employees of the Company and its subsidiaries. The RSUs generally vest three to five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. The following table summarizes RSU information for the three years ended December 31, 2015:



	2015		2014		2013
RSUs granted and unvested at beginning of period:	5,330,445		4,491,520		4,701,120
Granted	997,522		1,154,950		108,400
Vested	(1,938,000	)	(81,500	)	(146,250	)
Canceled	(231,642	)	(234,525	)	(171,750	)
RSUs granted and unvested at end of period:	4,158,325		5,330,445		4,491,520

Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2015, 4,275,474 RSUs had been deferred. RSUs that have not yet vested and vested RSUs that have been deferred are not considered to be issued and outstanding shares.

The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2015:



(In thousands)	2015			2014			2013
Unearned compensation at beginning of year	$	88,015		$	73,205		$	93,653
RSUs granted, net of cancellations	50,442			51,575			4,406
RSUs expensed	(30,691		)	(27,966		)	(22,881		)
RSUs forfeitures	(4,228		)	(8,799		)	(1,973		)
Unearned compensation at end of year	$	103,538		$	88,015		$	73,205